Notes:

1. Stamp taxes (UK=0.5%, Ireland=1%) are directly passed through to the client.
2. Plus Trade Fee. Click here for more details.
3. In addition to the standard commissions, IB will pass thru a trade reporting fee of CHF 1.00 per Trade.
4. IB is also required to charge the Panel of Takeovers and Mergers Levy of GBP 1.00 on all orders over GBP 10,000 on shares of companies registered in the United Kingdom, Isle of Man or Channel Islands.

• Commissions apply to all order types.
• All exchange and regulatory fees are included.
• VAT, also referred to as consumption tax, goods and services tax, where applicable, will be separately applied for eligible services.
• Modified orders will be treated as the cancellation and replacement of an existing order with a new order. On certain exchanges, this may have the effect of subjecting modified orders to commission minimums as if they were new orders. For example, if an order for 200 shares is submitted and 100 shares execute, then you modify the order and another 100 shares execute, a commission minimum would be applied to both 100 share orders. Orders that persist overnight will be considered a new order for the purposes of determining order minimums.
• Effective August 1, 2012, securities issued by French companies with a market capitalization of 1 billion EUR as of January 1, 2012 will be subject to a transaction tax. For additional details regarding the calculation of the tax, please refer here.

• Effective March 1, 2013, certain Italian stocks will be subject to a transaction tax. For additional details regarding the calculation of the tax, please refer here.
  Effective September 1, 2013, derivatives on those Italian securities subject to the transaction tax will similarly become subject to a transaction tax. For additional details regarding the derivative transaction tax, please refer here.

• For European stock Algo orders, IB will apply the commission cap as follows:
  
  For EUR-denominated stocks every EUR 75,000 of executed value a new per order cap will be applied
  For CHF-denominated stocks every CHF 100,000 of executed value a new per order cap will be applied
  For GBP-denominated stocks every GBP 65,000 of executed value a new per order cap will be applied

Notes:

1. All exchange and regulatory fees are included, except in Hong Kong.
2. For Hong Kong, all external costs will be passed through to clients. This includes exchange trading fees, exchange trading tariff, settlement fees, government stamp duty (0.1% rounded up to the nearest 1.00 for SEHK stocks, applies to stocks only) and SFC transaction levy (0.0027%, applies to stocks and warrants) as applicable activity regardless of commission model. Click here for fee schedule for SEHK shares and here for the fee schedule for Shanghai-Hong Kong Connect shares.
3. Stocks on the NSE are only available to Indian residents.
4. Up to per order value of INR 1,000,000. Portion of order above INR 1,000,000 will be charged 2 bps.

• Commissions apply to all order types.
• VAT, also referred to as consumption tax, goods and services tax, where applicable, will be separately applied for eligible services.
• Modified orders will be treated as the cancellation and replacement of an existing order with a new order. On certain exchanges, this may have the effect of subjecting modified orders to commission minimums as if they were new orders. For example, if an order for 200 shares is submitted and 100 shares execute, then you modify the order and another 100 shares execute, a commission minimum would be applied to both 100 share orders. Orders that persist overnight will be considered a new order for the purposes of determining order minimums.